Breakthroughs, Setbacks in COP29's First Week of Ambitious Pursuit of Climate Consensus

• by Joyce Chimbi (baku)
• Sunday, November 17, 2024
• Inter Press Service

Besides the Conference of the Parties (COP 29) session, there is the 19th meeting of the COP serving as the Meeting of the Parties to the Kyoto Protocol, the sixth meeting of the COP serving as the Meeting of the Parties to the Paris Agreement and the 61st sessions of the Subsidiary Body for Scientific and Technological Advice (SBSTA 61) and the Subsidiary Body for Implementation (SBI 61).

IPS spoke to Erik Solheim, a former director of the UN Environment Programme and former Norwegian Minister of Environment and International Development, about the ongoing negotiations and what they mean to the global community amidst many pressing challenges.

"I think there is a breakthrough at this conference, which is not appreciated by everyone as it looks very technical, but that is the agreement on rules for the carbon market. The carbon market is much more likely to produce substantial money than the negotiations, which are somewhat stalled, and here you have a mechanism that will make it possible for the big tech companies in the world—for airlines, medical companies, and food companies—to provide for carbon offsets, which will be mangrove restoration in Sri Lanka, natural farming in Andhra Pradesh in India, reforestation in Brazil, and protection of forests in Guyana," he explained.

Solheim, who is working on green programs in China and India, was referencing a critical early success as Parties already reached consensus on standards for the creation of carbon credits under Article 6.4 of the Paris Agreement. The consensus is vital as it will increase demand for carbon credits and, by doing so, enable climate action while ensuring that the international carbon market operates with integrity under the supervision of the United Nations.

The full operationalization of Article 6 has been a key negotiating priority at this year's Summit. The COP29 Presidency has termed the consensus a game-changing tool to direct resources to the developing world. Finalizing Article 6 negotiations could reduce the cost of implementing national climate plans by USD 250 billion per year by enabling cooperation across borders.

"There are so many potential assets and you have an easy mechanism where well-off companies can provide substantial money. Those nations that caused the climate problem should pay for it, and those nations are in particular the United States of America, which has emitted eight times as much per capita as China and 25 times as much as India per capita, and if you compare to small island developing states or Africa, the difference is even bigger," he said.

Solheim says the issues are difficult and complex and more so as the United States is "now telling the world that we have caused the problem, but you will sort it out. That is completely irresponsible and people are dissatisfied with that position. However, I also believe that this mechanism we have established for global climate finance is dysfunctional, very bureaucratic, and has a number of dysfunctional rules. So even if you put more money into them, they will not work."

As things stand, he says the main avenues for climate finance are private investment, that China is providing enormous private investment through the Belt and Road, and that the West should follow up with private investment in difficult markets. The other avenue is the carbon market. On COP Summit setbacks and shortfalls, he says there is too much focus on diplomacy, which derails progress: "In Glasgow, there was an enormous quarrel on whether to phase down or phase out coal. It had no significance whatsoever on the world outside."

"In Dubai, the issue was... in what way should we phase out coal? Again, hardly any impact on the outside world. It was not driving the change. It is something completely different. The price of solar energy has fallen by 90 percent and that of wind energy has fallen by 85 percent. So for any nation that switches from coal or fossil fuels to solar, it is not a cost. You generate income as it is much cheaper," he says.

Stressing that only a complete change of the economic considerations is driving climate action everywhere in the world but at the same time, climate conferences are vital as they bring communities from all corners of the world together, creating an opportunity for business deals, exchange of views, as well as learning of best practices.

He calls for a change in perspective such as the one demonstrated by China and India, as "they are now world leaders in green transformation and not because they get money from someone else, but because they see it as a nation-building tool for economic development. I would like to see a change in the atmosphere, from talks to a focus on the political economy."

"China last year provided two-thirds of all new green energy in the entire world. Let the rest of the world step back to Chinese levels; if possible, then we will be far on the way to solving the problem. Prime Minister Narendra Modi of India just launched a plan for 10 million homes and buildings in India with rooftop solar. Let other nations follow such workable solutions and the world will go very far and achieve desired progress very fast," he stressed.

IPS UN Bureau Report

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© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service

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